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Positive news in US-EU trade relations supports EUR / USD

Nov 4 2019, 03:48 PM (+06) |

The pair EUR / USD is trading today with a slight increase. Traders react positively to statements by US Secretary of Commerce Wilber Ross that the United States may refuse to impose 25 percent duties on European cars and parts. This is possible in case of successful negotiations with EU colleagues to be held this week. According to Bloomberg, the final decision on this issue will be made until November 14. Previously, the United States postponed the introduction of these duties for half a year. Many experts believe that the White House will do it again.

In addition to geopolitical news, today at the European trading session, investors will closely monitor the publication of October PMI data for the manufacturing sector in France, Germany and other Eurozone countries. Experts expect a slight increase in indicators, which may support the EUR / USD pair.

In the US today it is worth paying attention to the publication of data on industrial orders for September.

Also today, Kristin Lagarde is expected to make his first appearance as head of the ECB. The markets expect to see signals of ECB regarding how it will implement monetary policy. The exact time of her performance is still unknown.

On the chart, the currency pair remains the upward vector. Trading takes place near the local maximum of 1.1180. With a very high probability today we can expect a breakdown of this mark. If we fix above, we can expect the growth of quotations to 1.1235. In the formation of a false breakdown, we are waiting for the development of a retreat to 1.1105.

Resistance levels: 1.1180, 1.1235, 1.1280.

Support levels: 1.1140, 1.1105, 1.65

The main scenario is a breakdown of resistance at 1.1180 and an increase in the direction of 1.1235.

An alternative scenario is a false breakdown of resistance at 1.1180 and a decline to 1.1140.

The market has a moderately positive news background. Bullish signals prevail in the market. Inside the day, we consider longs when forming a retreat to the area of ​​1.1140.

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